Farm Succession Options

Farmers in Cumbria and Lancashire are being invited to attend a free evening event designed to help them understand more about the different options for succession.

Farmers are being invited to attend an evening event designed to help them understand more about the different options for Succession.

The event, which is being held at Kendal Auction Mart on Thursday 22nd May 2014, has been organised by The Farmer Network in conjunction with Burnetts solicitors and robinson+co chartered accountants.

The event will cover the legal and tax implications of handing over a farm business on retirement, but will also cover alternatives to conventional succession arrangements such as share and contract farming agreements. Speakers will include Pete Webster of Matson Ground Estate who operates a contract farming arrangement, and specialists from robinson+co chartered accountants and Burnetts solicitors.

Victoria Bishop, Tax Partner at robinson+co said:- “robinson+co are specialists within succession planning and recognise the need for this type of advice and information being provided due to the ageing population of the farming community within our area. We are delighted to be given the opportunity to work with The Farmer Network and Burnetts Solicitors to provide this much needed advice and guidance on planning for the future.”

Richard Miller, Head of Agriculture at Burnetts said:- “Many farming families will know that succession is often not discussed until it’s too late which can limit the options available. There are legal, financial and practical farming issues which need to be considered and planned for in advance so as to limit exposure to future problems and ensure there is a new generation ready, willing and able to carry on farming. This seminar should help farmers understand the many different ways succession can be achieved and hopefully prompt some honest and informed discussion around the kitchen table.”

The event will start at 7.30pm with hot beef rolls available at the end of the meeting when farmers will have the opportunity to talk individually to tax accountants and legal advisers.